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HAMILTON — The fate of the proposed Steve & Barry's store in Hamilton is still in flux as the company announced it has agreed to be bought by a subsidiary of investment firm Bay Harbour Management for $163 million.

The discount clothing store chain announced it has filed a "stalking horse" agreement with the U.S. Bankruptcy Court, which is an initial bid solicited by Steve & Barry's to prevent low-ball auction offers.

Officials from Bay Harbour said they plan to operate the store with current staff and key facilities, as well as acquire certain Steve & Barry store leases, its merchandise and all intellectual property rights, including its celebrity and brand licenses.

However, there are no decisions for stores still awaiting opening. This includes the new 22,000-square-foot Steve & Barry's store set to open this summer in Hamilton Crossings Shopping Center on Ohio 4, said Rachel Brenner, spokeswoman for the company.

"No decisions have been made yet on potential new stores. It's preliminary," she said.

All new store openings have been on hold since the chain filed for Chapter 11 bankruptcy protection last month in New York.

Subject to the court's approval, the stalking horse proposal will serve as the opening bid during the auctioning process that is scheduled to take place in August, Steve & Barry's officials said.

Media reports name retailers such as Sears Holding Corp. and Gap Inc. as other potentially interested parties.

Contact this reporter at (513) 705-2843 or jheffner@coxohio.com.